FT 10-30: Teacher's Tax Credit Act (Passed)

[Mad Deadly Worldwide Communist Gangster Computer God]

As we are all familiar, most teachers in Atlasia are required to pay for books and school supplies with their own money.  With teacher pay being so abysmal as it is in most states, this requires teachers to spend far beyond their means for each school year.

This bill is a slightly more generous version of a proposed tax credit that was introduced in Indiana last year.  Unlike the Indiana law, the amount of any unused tax credit for a taxable year may be carried forward to successive years.

[Mad Deadly Worldwide Communist Gangster Computer God]

Yes, that would make more sense.

AN ACT
To provide a tax credit for teachers' classroom supplies

Section 1: Title

This legislation may be cited as the Teacher's Tax Credit Act.

Section 2: Tax credit for classroom school supplies

1.) Each taxable year, an individual employed as a public school teacher is entitled to a credit against the individual's adjusted gross income tax liability for amounts expened during the taxable year for classroom supplies.  The amount of the credit is the lesser of:

(1) five hundred dollars ($500); or
(2) the total anount expended for classroom supplies during a taxable year.

2.) The credit provided by this section may not exceed the amount of the individual's adjusted gross income tax liability for the taxable year, reduced by the sum of all credits for the taxable year that are applied before the application of the credit provided by this section.  The amount of any unused credit under this section for a taxable year may be carried forward to a succeeding taxable year, but may not be carried back to a preceding taxable year or refunded.

Parliament of the Commonwealth of Fremont
Pending

[Mad Deadly Worldwide Communist Gangster Computer God]

Aye.

[Mad Deadly Worldwide Communist Gangster Computer God]

In response to the cost request from Scott, the easy answer is to add up the number of public school teachers in each state in Fremont and multiply by 500: 753,300*500 = $376,650,000. This represents a maximum cost, of course.

Thank you, Mr. Deputy GM.

Also, just to clarify, what is 'adjusted gross income tax liability' referring to? Usually I see the term used to describe federal income tax liability, and I was wondering if that was the case here, or if it was being used to apply to local/state/regional taxes as well.

That part of the language was taken from the Indiana bill, so I believe we can safely assume that refers to local/state/regional taxes.

[Mad Deadly Worldwide Communist Gangster Computer God]

Until today I was not aware that private school teachers are paid less than public school teachers.  I would not have submitted this amendment had I known this, so I might be revisiting this bill in the future.

What Truman said about private schools is true and I see no reason why private school teachers shouldn't be allowed to benefit if they make less money and enjoy overall fewer benefits.

[Mad Deadly Worldwide Communist Gangster Computer God]

Mr. Speaker, please close the vote.

[Mad Deadly Worldwide Communist Gangster Computer God]

AN ACT
To provide a tax credit for teachers' classroom supplies

Section 1: Title

This legislation may be cited as the Teacher's Tax Credit Act.

Section 2: Tax credit for classroom school supplies

1.) Each taxable year, an individual employed as a public school teacher is entitled to a credit against the individual's adjusted gross income tax liability for amounts expended during the taxable year for classroom supplies.  The amount of the credit is the lesser of:

(1) five hundred dollars ($500); or
(2) the total amount expended for classroom supplies during a taxable year.

2.) The credit provided by this section may not exceed the amount of the individual's adjusted gross income tax liability for the taxable year, reduced by the sum of all credits for the taxable year that are applied before the application of the credit provided by this section.  The amount of any unused credit under this section for a taxable year may be carried forward to a succeeding taxable year, but may not be carried back to a preceding taxable year or refunded.

Parliament of the Commonwealth of Fremont
Passed